× setindiabiz pvt ltd
  • Facebook Icon
  • Linkedin Icon
  • Twitter Icon
  • Youtube Icon

Advance Payment of Income Tax
100% Easy Process & Transparent Fee

The payment of income tax is required to be made on an estimated basis during the financial year itself. The legal provisions of payment of the advance tax are mandatory in case the tax payable is more than Rs. 10,000/- in a financial year.

+919899600605 +919899-600-605 Chat With UsChat With Us
Advance Payment of Income Tax

tusted by

Dear Smart Factory
Deer Smart Factory
Zopper
Windlass River Valley
Trux Trust
Testbook
Hotgen
Premiershield
Porter
Pepperfry
Lotte Korea
Mac Hotels Limited
Innovaccer
India Post Payments Bank
IBL
GPX India Pvt Ltd
Docquity
Carwale
Vl Access India P Ltd.
Shinmelo Ltd
Leader Electronics
KSR Frontline
Greenhawk Facility Management Pvt Ltd
Cords Cable Industries Limited
bookingjini

Due Date of Payment of Advance Tax

S. NO. DUE DATE ADVANCE TAX PAYABLE PRESUMPTIVE TAX
1 On or before 15th June 15% of Advance Tax Average Rate
2 On or before 15th Sept 45% of Advance Tax -
3 On or before 15th Dec 75% of Advance Tax -
4 On or before 15th March 100% of Advance Tax -
5 By 31st March - 100 of Advance Tax
TDS

Key Point of Advance Tax

Meaning of Advance Tax

Meaning of Advance Tax

In general scheme of taxation a taxpayer is required to pay income tax after the conclusion of the financial year, However, if the total income tax payable is more than 10,000/- in a financial year then the tax is to be paid in advance as per due date.

Who is Exempt From Advance Tax

Who is Exempt From Advance Tax

an Individual, HUF or firm whose income is taxed on the presumptive basis under income tax is not required to pay tax in advance, this relaxation is ordinarily available to small business, paying tax as a % of the turnover and not on actual profits.

Interest on Late Payment

Interest on Late Payment

The advance tax must be paid within due date; the dates are provided hereunder for easy reference. On the late payment of advance tax, the taxpayer is liable for an interest @ 1% per month or part thereof.

Who Needs to Pay Advance Tax

Who Needs to Pay Advance Tax

Every taxpayer, whether he is a salaried employee, freelancer or having business income in a proprietorship, Firm, OPC, LLP or a company is required to pay income tax on advance basis if the tax is more than 10k during the FY

What is Presumptive Taxation

What is Presumptive Taxation

The taxpayer under presumptive taxation has to pay tax on 8% of the turnover. Only individual, HUF and partnership firms qualify for presumptive taxation. In case of trading, the turnover limit is two crore whereas for professionals it is 50 lacs.

Interest on Deferment of Advance Tax

Interest on Deferment of Advance Tax

The payment of income tax is required to be made on estimated basis during the financial year itself. The legal provisions of payment of the advance tax are mandatory in case the tax payable is more than Rs. 10,000/- in a financial year.

Trusted by Leading Brands

Lotte Korea
LEI
PEC
Zopper
Windlass
Trux
Testbook
Premiershield
Porter
Pepperfry
New Prince Management
MAC Hotels Limited
Indian Post Payment Bank
IBL
GPX India
Innovaccer
Docquity
Carwale
contact-us
X
Request Quotation/Call Back From Startup Specialist

Request Quotation/Call Back
From Startup Specialist

Chat on WhatsApp Chat on Facebook with Setindiabiz Chat on Telegram with setindiabiz
+919899600605 +91-9899600605